GOING FOR GUCCI: An affiliate of France’s Pinault-Printemps-Redoute SA spent approximately $112 million to acquire 1.14 million shares of Gucci Group NV, boosting PPR’s stake in Gucci to 62.2 percent. The purchases were made on the Amsterdam Stock Exchange and New York Stock Exchange between March 24 and April 30. PPR is committed to buying all Gucci shares it doesn’t own next year for $101.50 a share, so the transactions in the last five weeks effectively saved PPR $2.3 million. In the case of transaction on the Amsterdam Stock Exchange, dollar figures have been converted from the euro at current exchange rates. The filing with the Securities and Exchange Commission on Wednesday was the 12th amendment of PPR’s Schedule 13D, filed with the SEC in March 1999, when PPR became Gucci’s white knight in its battle to stave off a hostile takeover by LVMH Moët Hennessy Louis Vuitton.

SEEKING A PRETTY PENNEY: Guild Inc., an apparel manufacturer that has an annual volume of $65 million, filed a copyright infringement action against J.C. Penney in a Los Angeles federal court. Court papers said Guild wants $3.5 million in damages arising from the retailer’s alleged unauthorized use of a floral screen design thought to have been part of a sample by Guild that the retailer had rejected. Executives at Penney’s did not return a call for comment.

NEW TIFFANY STORE: Tiffany & Co. is expanding its presence on the West Coast with a new store slated to open this fall at The Gardens on El Paseo in Palm Desert, Calif. The store will occupy about 4,500 square feet and will primarily carry Tiffany’s fine and engagement jewelry; watches; the designs of Elsa Peretti, Paloma Picasso and Jean Schlumberger and accessories, china and crystal gifts. The company, which had sales of $1.71 billion in 2002, now has 134 stores worldwide, including 49 in the U.S., and the Palm Desert store will be its eighth unit in California.

TOMMY AT JONES BEACH: Tommy Hilfiger is heading to Jones Beach again. The company’s second summer-concert season kicks off May 25 at Tommy Hilfiger at Jones Beach Theater with the WBLI Summer Jam, featuring Michelle Branch, LL Cool J, Shaggy and Lisa Marie Presley and other performers. The summer series will feature acts including Santana, Aerosmith, Kiss, John Mayer and Counting Crows. Tickets for all shows go on sale May 3.

To unlock this article, subscribe to WWD below.

load comments
blog comments powered by Disqus